Why Canada is Becoming a Hub for Psychedelics Research and Development

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NEW YORK, March 17, 2021 /PRNewswire/ -- Canada has become home to some of the most important research and development happening today in the mental health and wellness space. Psychedelic therapy emerged as a breakthrough mental health treatment, and Canadian companies are leading the way in developing psychedelics into safe, effective, and evidence-based treatments. Alongside leading Canadian research organizations like the Multidisciplinary Association for Psychedelic Studies (MAPS), Canadian companies like Numinus Wellness Inc. (TSXV:NUMI) (OTCPK:LKYSF), Revive Therapeutics (CSE:RVV) (OTCPK:RVVTF), Roadman Investments (TSXV:LITT), and Empower Clinics (CSE:CBDT) are conducting key research and development as leaders in this emerging space, as global pharma companies like Aikido Pharma Inc (NASDAQ:AIKI) begin to notice the potential of these discoveries.

Numinus Wellness Significantly Expands Psychedelic Research Capabilities

Numinus Wellness Inc. (TSXV:NUMI) (OTCPK:LKYSF) has been one of the leading companies advancing psychedelic-assisted psychotherapy and other innovative health treatments. Out of the company's state-of-the-art research lab in British Columbia, Numinus is conducting innovative work to advance psilocybe mushroom cultivation, extraction, and formulation studies while building a genotypically verified spore bank and tissue culture library. The company offers virtual services to deliver innovative treatments to address physical, mental, and emotional health through its Numinus Health segments, while Numinus R&D handles implementation science and Numinus Bioscience conducts applied research and IP development.

Numinus is currently engaged in several important studies and trials in the psychedelic research space. These include a joint single-arm, open-label compassionate access trial on Psilocybin-Research Intervention with Motivational Enhancement for substance use disorders conducted in partnership with clinical trial organization Syreon Corporation, as well as a compassionate access trial for MDMA-assisted therapy for treatment of patients with post-traumatic stress disorder conducted in partnership with MAPS.

On March 9, Numinus announced plans to significantly expand the company's psychedelics research laboratory by the end of 2021. The expansion will add 7,500 square feet to the facility with the new space located in a leased building adjacent to the existing lab. The company says that this development will not interfere with research work currently being conducted at the existing Health Canada-compliant lab.

"Our investment in an expanded lab marks a key milestone for Numinus and provides the necessary foundation for therapeutics development and research infrastructure to advance psychedelic-assisted psychotherapy in Canada and around the world," Sharan Sidhu, Science Officer and General Manager for Numinus Bioscience, said in the company's release. "When complete, the facility will enhance our IP and partnerships strategy, generate more revenue through analytics testing for psychedelics and other contract services, and increase our supply of consistent, safe and effective psychedelics for clinical use and trials undertaken by academic, not-for-profit, and for-profit entities.

The announcement of Numinus's new facility buildout comes days after the company announced new amendments to its licence that will allow it to conduct psychedelics research on a broader range of substances, which now includes ketamine and LSD, in addition to mescaline, N-Dimethyltryptamine (DMT), N-Methyl-3,4, methylenedioxyamphetamine (MDMA), psilocin, and psilocybin. The company says that these new capabilities will place Numinus at the forefront of global psychedelics research.

Companies Prepare For Psychedelics Space's Next Phase

Canadian companies are positioning themselves as leaders in both the business and research sides of the psychedelics space. Vancouver-based Empower Clinics (CSE:CBDT) (OTCPK:EPWCF) announced last year that the company has created a subsidiary focused on psilocybin research and psychedelics therapy for the treatment of mental health issues, including anxiety, depression, post-traumatic stress disorder, and addiction.

On February 17, Toronto-based Revive Therapeutics (CSE:RVV) (OTCPK:RVVTF) announced that the company is strengthening its position in the psychedelics industry with the acquisition of PharmaTher Inc.'s psychedelics pharmaceutical platform. Revive says that the company intends to use this technology to advance its psilocybin program for treatment of clinical needs in mental health, cancer, and neurological disorders.

Vancouver-based Roadman Investments (TSXV:LITT) (OTC:RMANF) announced last year that the company had entered into a joint venture with psychedelic therapy provider Psychedelic Insights to create a line of clinics offering guided psilocybin-assisted therapies. In Roadman's announcement, the company noted significant promise in psychedelic research, and the breakdown of stigmas and legal warriors among the company's motivation for entering the space.

While so much of the initial research and development into the psychedelics space has taken place in Canada, major international pharma companies have taken notice of these non-traditional treatments and begun their own development. US company Aikido Pharma Inc (NASDAQ:AIKI) announced in January that it had executed a patent license agreement for psilocybin-based technology used to treat cancer and cancer side-effects.

Psychedelic-assisted therapies could be a breakthrough in mental health treatment, and Canadian companies and research organizations have been leaders in the space since its earliest days. Now, as the psychedelics space gains momentum, many of those same companies like Numinus Wellness are set to lead.

To learn more about Numinus Wellness, please click here.

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